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Section 529 college savings plans are tax-favored investment vehicles, which saw tremendous growth after the Economic Growth and Tax Relief Reconciliation Act of 2001 expanded 529 plan benefits to include tax-free distributions for qualified higher education expenses. However, regulators, the press, and fund advisors criticized the Section 529 college savings plan industry for inadequate and nonuniform disclosures of investor information, such as historical returns, fees, taxes, and underlying investments. We investigate consumers’ investment choices after a disclosure regime change in 2003 and find that after enhanced disclosures became widely available, investors selected fewer plans offered exclusively through brokers, increasingly chose portfolios based on past investment performance, but remained unresponsive to state tax benefit disclosures. We also analyze the plans’ performance and find evidence that 529 investors are constrained to invest in portfolios with high, return-eroding fees. Nearly 20 percent of the portfolios have a statistically significant negative alpha, the measure of risk-adjusted excess return, while less than 1 percent have a statistically significant positive alpha.

We investigate the interaction of debt covenants and tax accounting on the adoption of Financial Interpretation No. 48 (FIN 48). We examine how firms respond to the potential tightening of covenant slack upon FIN 48 adoption and whether these actions are penalized by creditors and anticipated by equity markets. We find that upon FIN 48 adoption, the majority of sample corporate borrowers increase their tax reserves and reduce equity. Firms close to debt covenant violation were even more likely to increase tax reserves upon FIN 48 adoption; however, the size of the adjustment was relatively smaller, suggesting that the FIN 48 standards limited, but did not eliminate, firms use of discretion in reporting uncertain tax positions to avoid costly covenant violations. For firms near net worth debt covenant violation, the act of decreasing equity upon FIN 48 adoption imposes real economic costs, as the average cost of debt increased by 43 basis points. Finally, we extend prior research on the market response to FIN 48 by showing how the market response to FIN 48 adoption is a function of debt covenant slack and tax aggressiveness. Specifically, the cumulative abnormal return at the FIN 48 exposure draft release date is negative only for tax aggressive firms that are close to debt covenant violation.

This study aims to offer a bibliometric analysis of the already substantial and growing literature on global virtual teams (GVTs).

Using a systematic literature review approach, it identifies all articles in the Web of Science from 1999 to 2021 that include the term GVTs (in the title, the abstract or keywords) and finds 175 articles. The VOSviewer software was applied to analyze the bibliometric data.

The analysis revealed three dialogizing research clusters in the GVTs literature: a pioneering management information systems and organizational cluster, a general management cluster and a growing international management and behavioural studies cluster. Furthermore, it highlights the most cited articles, authors, journals and nations, and the network of strong and weak links regarding co-authorships and co-citations. Additionally, this study shows a change in research patterns regarding topics, journals and disciplinary approaches from 1999 to 2021. Finally, the analysis illustrates the position and centrality in the network of the most relevant actors.

The findings can guide management practitioners, educators and researchers to the most meaningful clusters of publications on GVTs, and help navigate and make sense of the vast body of the available literature. The importance of GVTs has been growing in the past two decades, and Covid-19 has accelerated the trend.

This study provides an updated and comprehensive systematic literature review on GVTs. To the best of the authors’ knowledge, it is also the first systematic literature review and bibliometry on GVTs. It concludes by suggesting future research paths.